Glossary of Terms
Partnership
A type of organisation where multiple partners manage the business and are responsible for its profits and losses, debts and liabilities.
PAYG
Pay As You Go Taxation. The type of tax paid by most wage and salary earners whereby tax is taken straight from an employee's salary before they get it.
Perennial plants
Plants that continues to grow over a number of years,
allowing a deep root systems to establish (as opposed to more shallowrooted annuals that only last up to a year). Perennials are common pasture plants.
Performance culture
Attitudes, values and beliefs in an organisation that have a strong emphasis on results and performance. Rewards provided are based on levels of performance achieved.
Performance management
The process of creating a work environment or setting in which people are enabled to perform to the best of their abilities.
Performance-based remuneration system
A system where pay is determined by the actual performance on agreed tasks and targets.
Personality endorsement
Refers to a person informing the public that he/she approves of a product/service and is happy to be associated with it.
Personality merchandising
When a real person(s) is used to promote the sale of products and/or services.
Point of sale
The area where a sale or transaction occurs in a retail environment. This area is considered highly effective for product placement.
Policy
A set of rules to guide decisions and actions.
Pool/pooling
When a group of people share things in common for the benefit of all those involved.
Positioning
The combined marketing strategies that result in how the organisation wants a product ot brand to be perceived by the market. Positioning is directly related to brand values, market demographics and the image of the product in the marketplace.
Positioning territory/ies
A strategic statement of what differentiates a product or brand competitively in the market and in the mind of a target consumer.
Poverty cycle
The continuation of poverty unless interrupted by outside intervention.
Premiums
The amount of money to be paid for the contract/policy of insurance.
Principal/loan principal
The amount borrowed.
Private company
A company that has a limited number of private shareholders (owners) and is not listed on the stock market.
Private sector
Business organisations owned or controlled by private individuals or shareholders.
Privateer
Privateer in the sense of Motor Sport refers to an individual who owns/drives his own racing car and has no factory/corporate backing.
Privatisation/privatised
The transfer of ownership from the public sector (government) to the private sector.
Privatised
When the ownership and operation of an organisation is transferred from government to the private sector.
Pro bono services
Work undertaken either free of charge or at a substantially reduced rate.
Procedures
Protocols or a set of guidelines or rules for use in various circumstances.
Product attributes
The broad range of characteristics that make up the total product in addition to the obvious use to the consumer. These include reputation, convenience and back up support.
Product categories
The generic term that is accepted industry-wide to describe a group or sub-group of similar products.
Product development
An aspect of the product management process where it is changed, enhanced or modified to better meet the needs of the market.
Product differentiation
Establishing the way(s) a product will be different to its competitors. This difference is then reinforced through advertising and promotion.
Product integration
When an advertiser pays to have their products directly placed into the television program along with other platforms such as online integration and billboards, in addition to the traditional commercial break.
Product penetration
The amount of product and awareness of a product in a
marketplace. How much of a company's product is being successfully sold to each customer.
Product placement
Placing an advertiser's product directly into a television show where viewers at home can see the products during the show (and sometimes used by the characters on the show).
Product segments
The division of a company’s products in to distinct groups or segments.
Product Stewardship
Recognises that manufacturers, retailers, government and consumers share a responsibility to manage the impacts of products throughout their lifecycle, including their ultimate disposal.
Production systems
The stages or sequences of operations and procedures involved in the production of a product or service.
Productivity
The average real production per worker per unit of time.
Productivity plans
Intentions and actions the aim to maximize the average real production per worker per unit of time.
Profit Margin(s)
The difference between the cost of a product and the price at which it is sold.
Profit(s)
The excess of income earned by a business over its expenses.
Project management
A process to ensure a project meets with a client's expectations of quality, cost and time.
Project Manager
A leader who plans, budgets, co-ordinates, monitors and controls the workers and firms involved in a project.
Promotion
Making products and services better known through a range of activities. Generally, promotion is communicating with the public in an attempt to influence them toward buying products and/or services.
Promotional strategies
The range of activities that can be used by management to promote a product. These include advertising, direct marketing, sales promotion and sponsorship.
Prosperous
To develop as being successful or thriving.
Prototype(s)
A working model developed in the design stage of a product - used as test prior to developing the final product.
Public company
A company which has an unlimited number of shareholders and is listed on a stock exchange, e.g. the ASX. This allows the public to buy and sell shares in the company. See also, capital markets listed company, market capitalisation
Public image
How an organisation is perceived by outsiders.
Public limited company
A type of limited company (a company in which the liability of members for the company’s debts is limited) whose shares may be offered for sale to the public.
Public relations
A functional area of management that involves communicating the image and view of the business to a range of stakeholders including employees, the broader community, media, investors and government.
Public sector
That part of the economy that is controlled by government spending and includes organisations such as police, state schools and public hospitals.
Publicly-listed (company)
A company listed on the Australian Stock Exchange where the public may buy and sell shares in the company.
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